DBA vs. COW.TO
DBA (Invesco DB Agriculture Fund) and COW.TO (iShares Global Agriculture Index ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 10 years, DBA returned 3.65%/yr vs 7.28%/yr for COW.TO. At a 0.22 correlation, their price movements are largely independent. DBA charges 0.88%/yr vs 0.72%/yr for COW.TO.
Performance
DBA vs. COW.TO - Performance Comparison
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Different Trading Currencies
DBA is traded in USD, while COW.TO is traded in CAD. To make them comparable, the COW.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, DBA achieves a 4.23% return, which is significantly lower than COW.TO's 9.71% return. Over the past 10 years, DBA has underperformed COW.TO with an annualized return of 3.65%, while COW.TO has yielded a comparatively higher 7.28% annualized return.
DBA
- 1D
- -0.19%
- 1M
- -3.48%
- YTD
- 4.23%
- 6M
- 4.40%
- 1Y
- 4.08%
- 3Y*
- 11.69%
- 5Y*
- 11.06%
- 10Y*
- 3.65%
COW.TO
- 1D
- 0.52%
- 1M
- -3.26%
- YTD
- 9.71%
- 6M
- 6.12%
- 1Y
- -1.43%
- 3Y*
- 3.71%
- 5Y*
- 0.91%
- 10Y*
- 7.28%
DBA vs. COW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 4.23% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
COW.TO iShares Global Agriculture Index ETF | 9.71% | 0.24% | -2.62% | -6.38% | 5.91% | 19.15% | 14.49% | 31.45% | -20.82% | 23.25% |
Correlation
The correlation between DBA and COW.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2007 | 0.22 |
The correlation between DBA and COW.TO shifts across timeframes, from 0.11 (3 years) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. COW.TO — Risk / Return Rank
DBA
COW.TO
DBA vs. COW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and iShares Global Agriculture Index ETF (COW.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DBA | COW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.00 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | -0.11 | +0.59 |
| Martin ratioReturn relative to average drawdown | 1.03 | -0.24 | +1.27 |
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Drawdowns
DBA vs. COW.TO - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than COW.TO's maximum drawdown of -64.63%. Use the drawdown chart below to compare losses from any high point for DBA and COW.TO.
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Drawdown Indicators
| DBA | COW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -64.63% | -3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -12.60% | +3.93% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -15.40% | +3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -34.83% | +18.89% |
Max Drawdown (10Y)Largest decline over 10 years | -39.12% | -46.79% | +7.67% |
Current DrawdownCurrent decline from peak | -26.62% | -22.12% | -4.50% |
Average DrawdownAverage peak-to-trough decline | -41.06% | -17.26% | -23.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.98% | 5.96% | -1.98% |
Volatility
DBA vs. COW.TO - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 2.62%, while iShares Global Agriculture Index ETF (COW.TO) has a volatility of 3.33%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than COW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | COW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 3.33% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 13.07% | -6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 16.77% | -6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 19.86% | -5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.05% | 22.74% | -9.69% |
DBA vs. COW.TO - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than COW.TO's 0.72% expense ratio.
Dividends
DBA vs. COW.TO - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.43%, more than COW.TO's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COW.TO iShares Global Agriculture Index ETF | 2.17% | 2.46% | 1.43% | 1.62% | 2.01% | 0.69% | 1.13% | 1.13% | 1.18% | 0.63% | 1.21% | 1.96% |
DBA Invesco DB Agriculture Fund | 3.43% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DBA and COW.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, COW.TO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.
COW.TO is cheaper with a 0.72% expense ratio, compared with 0.88% for DBA.
DBA is categorized as Agricultural Commodities, while COW.TO is Large Cap Blend Equities. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while COW.TO tracks Manulife Investment Management Global Agriculture Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.88% for DBA and 0.72% for COW.TO.
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